Before entering upon his duties, each school treasurer shall execute a bond with a surety company authorized to do business in this State, as sureties, payable to the township trustees of schools in Class II county school units and to the school board of each district for which he or she is treasurer or its successors in office in Class I county school units and conditioned upon the faithful discharge of his or her duties, except that the bond required of the school treasurer of a school district which is located in a Class II county school unit but which no longer is subject to the jurisdiction and authority of a township treasurer or trustees of schools of a township because the district has withdrawn from the jurisdiction and authority of the township treasurer and trustees of schools of the township or because those offices have been abolished as provided in subsection (b) or (c) of Section 5-1 shall be payable to the school board of each district for which he or she is treasurer or its successor in office and conditioned upon the faithful discharge of his or her duties. The penalty of the bond shall be determined by the school board in an amount no less than 10% of the amount of all bonds, notes, mortgages, moneys and effects of which he is to have the custody as measured on the final day of the school district’s most recent fiscal year. The bond of the township treasurer shall be approved by at least a majority of the township trustees in Class II county school units; provided that in those school districts that are located in a Class II county school unit but are no longer subject to the jurisdiction and authority of a township treasurer and trustees of schools of a township (because the districts have withdrawn from the jurisdiction and authority of the township treasurer and trustees of schools of the township or because those offices have been abolished as provided in subsection (b) or (c) of Section 5-1) and in Class I county school units, the bond shall be approved by at least a majority of the members of the school board; and in all cases the bond shall be filed with the regional superintendent of schools who shall file with the State Board of Education before September 1 in each year an affidavit showing which treasurers of school districts under his supervision and control are properly bonded. The bond shall be in the following form:
STATE OF ILLINOIS
………. COUNTY
     We, AB, CD and EF, are obligated, jointly and severally, to the (School Board of District No. …., or trustees of township …. range ….) in the above mentioned county or successors in office, in the penal sum of $…., for the payment of which we bind ourselves, our heirs, executors and administrators.
     Dated (insert date).
     The condition of this obligation is such that if AB, school treasurer in the above stated county, faithfully discharges the duties of his or her office, according to law, and delivers to his or her successor in office, after such successor has qualified by giving bond as provided by law, all moneys, books, papers, securities and control, which have come into his or her possession or control, as such school treasurer, from the date of his or her bond to the time that his or her successor has qualified as school treasurer, by giving such bond as required by law, then this obligation to be void; otherwise to remain in full force and effect.
     Approved and accepted by:
         A…. B…. (Signature)
         C…. D…. (Signature)
         E…. F…. (Signature)
         G…. H…. (Signature)
         I…. J…. (Signature)
         K…. L…. (Signature)

    No part of the State or other school fund shall be paid to any school treasurer or other persons authorized to receive it unless such treasurer has filed his or her bond, or if reelected, has renewed his or her bond and filed it as required by law.